JPMorgan analyst’s short crowding strategy: BTC short positions are nearing the annual high, and investors’ demand for downside protection is even stronger than for gold—indicating that bearish positions are already overly concentrated. When positioning becomes lopsided to this extent, it’s easy for a squeeze-style rebound to be triggered once capital returns.
What we’re seeing now: BTC is trading at 76,490, up just 0.5% over the past 24 hours. ETF inflows have returned at only half the pace of gold, and a relay from the long side hasn’t shown up yet. 76,000 is the long/short line in the sand: if it holds, you can wait for the rapid rally driven by short covering; if it breaks, wait for further positioning to be liquidated before entering.
#BTC
What we’re seeing now: BTC is trading at 76,490, up just 0.5% over the past 24 hours. ETF inflows have returned at only half the pace of gold, and a relay from the long side hasn’t shown up yet. 76,000 is the long/short line in the sand: if it holds, you can wait for the rapid rally driven by short covering; if it breaks, wait for further positioning to be liquidated before entering.
#BTC